To address the need for affordable housing in Kelowna the provincial government is searching for a developer to build a rental housing project on a downtown parking lot.
The project will transform city-owned land at 1428 Paul Street into rental units for middle-income households.
“Our communities and our economy depend on middle-income people like teachers, nurses, and construction workers, and they depend on being able to find a decent place to live within their budget,” Premier David Eby said in a news release.
The initiative falls under BC Builds, a program providing affordable housing through low-interest financing, grant funding, and working with communities, and non-profit entities.
“By bringing together public landowners and housing developers and operators through BC Builds, we are transforming underused public land throughout the province into thousands of lower-cost, middle-income rental homes,” Eby added.
While zoning allows for a 26-storey structure, the city is seeking proposals for a six-storey development. However, there is flexibility for additional height provided the project meets BC Builds objectives.
The province is looking for a developer who can build the complex and assume ownership and operation.
Non-profit societies, co-ops, First Nations development corporations, and private developers are eligible to apply.
The government also wants a long-term lease ranging from 60 to 99 years with the successful bidder.
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